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As the airlines industry continues to take a hit due to the coronavirus pandemic, Boeing moved all production of its 787 Dreamliner to South Carolina. Yahoo Finance’s Ines shares the details on The First Trade.
BRIAN SOZZI: Boeing is moving all production of its 787 Dreamliner to South Carolina. And as the pandemic continues to rock the airline industry, Yahoo Finance's Ines Ferre is back with those details. Ines.
INES FERRE: And Brian, this movie is really to consolidate the 787 Dreamliner assembly in Charleston, South Carolina and end the production of the Dreamliner in Washington state. Up until now, the 787 was built in factories either in South Carolina or in Washington state, and this carries really big implications when you think of the Seattle area economy and Boeing's unionized workforce in the area. Local representatives calling Boeing's decision shortsighted. An official statement on this move is expected by October 28, perhaps sooner.
The company, of course, has been working on cutting production levels amid COVID-19. In August, it had announced a deeper round of layoffs, on top of those 16,000 job cuts that it had announced previously. If we take a look at the stock, today, the stock is up more than 3%, but industrials, along with energy, financials, those are in the green today, leading the gains. But if you're looking at a year-to-date chart, just take a look at where the stock has really been. Year-to-date, it's down 47%. It was in the 300s levels back in February then went all the way down below $100 a share during the March lows. It went up above 200 in June but hasn't been able to get back to that level. It's been trading between the 150 and 170 range for the last couple of months, Brian.